European fresh produce provider Total Produce has reported 'satisfactory' results for the first half of 2008, with revenue for the six-month period ended 30 June increasing by over 6 per cent to €1.29bn. The increase was partially offset by the strengthening of the euro against the sterling, leading to lower euro translation of UK revenues.
The Ireland-based group revealed in a statement that profit before tax for the period grew €22m compared with €19.4m during the previous year. Adjusted earnings before interest, taxation and amortisation (EBITA) rose 15 per cent to €27.6m.
'We are pleased to announce a satisfactory increase in earnings for the first half-year to 30 June 2008,' said Total Produce chairman Carl McCann. 'Earnings have grown as a result of acquisitions and tight control over costs. The group continues to focus on customer service, operational efficiency and expansion of the business. We have also completed our most recent acquisition adding further €300m to annual revenues.'
The first half also saw the purchase of a 60 per cent share in Haluco and Nedelpac in the Netherlands at a potential cost of €23m, and the investment of €2.7m in joint ventures including the group's South African farm activities.
'Our strategy is to grow our business organically and by acquisition,' Mr McCann added. We have the resources to grow significantly by completing medium and larger acquisitions and are on target to meet our previously stated ambition to double turnover over five years.'
